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Tuesday, May 29, 2007
World Banker Revealed
On Wednesday morning at 11:05 in the Roosevelt Room, President Bush will announce his selection of Robert Zoellick, a former deputy secretary of state, as his pick to replace Paul Wolfowitz as president of the World Bank.
A senior administration official confirmed the selection late Tuesday night.
Bush will emphasize Zoellick’s experience in international trade (he also has served as the U.S. Trade Representative) and diplomacy. Look for Bush to say Zoellick is uniquely prepared to take on the new challenge at the head of the financial institution that fights world poverty.
“We have received positive reaction from other countries,” the senior administration official said.
The Wolfowitz resignation is effective June 30. He resigned under international pressure caused by findings that he broke bank rules by arranging a pay raise for his girlfriend Shaha Riza, a bank employee.
The appointment is subject to approval of the bank’s 24-member board. The bank’s directors, with no mention of Zoellick, said in a Tuesday evening statement that the next president must have a proven record of leadership, experience managing large international organizations, a commitment to development, an appreciation of “multilateral cooperation” and “political objectivity and independence.”
The directors also noted that any of its members can nominate a potential president.
Zoellick left the State Department last year and now is an executive with Goldman Sachs, a Wall Street powerhouse.
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World Banker
Stand by for announcement of the new president of the World Bank.
“I think we’re getting pretty close,” White House spokesman Tony Snow said today aboard Air Force One as President Bush headed to Georgia for an immigration event.
This week?
“Likely, yes,” says Snow.
Today?
“Don’t expect a formal announcement out of the White House today, no,” says Snow.
How about a leak?
“Not on the back of Air Force One, thank you very much,” says Snow.
So look for a leak perhaps later today at another venue.
Smart money seems to be on Robert Zoellick, a former deputy secretary of state. Robert Kimmitt, now a deputy treasury secretary, also has been mentioned.
The appointee will replace Paul Wolfowitz, who resigned, effective June 30, as a result of an ethics scandal involving his girlfriend’s job at the World Bank.
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